A hybrid Point-of-Sale (PoS) system introduced by blockchain startup Alchemy brings a developed network made out of thousands of merchants that will from now on support Bitcoin Cash. The solution is developed with the help of Qfpay, a 3rd-party payment service company used by more than 1.2 million merchants, and will be initially available in several locations in Southeast Asia, including Japan, Singapore, Hong Kong, and other territories.
The blockchain firm is a payment provider that supports more than 30 cryptocurrencies. While the service will be initially launched in Asia, Alchemy plans to introduce their solution to Europe in Q3 2020. According to the company’s recent announcement, digital assets that are used as a payment method will be converted into the local fiat currency, which is done to diminish the effects of volatility.
In partnership with Qfpay, the company will introduce the hybrid PoS system to Europe during the next year with Germany as the first European nation to adopt the system. Later on, their solution will be brought to various locations, including Australia, Thailand, New Zealand, Canada, Italy, France, South Korea, the Philippines, the UAE, and Turkey.
Based on a tweet from ‘BitcoinCashCity’, Alchemy is set to introduce cryptocurrency payments to the middle east as well, with Dubai as the first location. According to a press release from Alchemy, multiple businesses in Dubai support Qfpay’s PoS. Furthermore, ticket payments in the Burj Khalifa are also supported by Qfpay.
The CEO of Alchemy, Patrick Ngan, regards the recent developments as a ‘game-changer for the global cryptocurrency market.’ He believes that by implementing the system worldwide, cryptocurrencies can become a global currency, which people can actually use in real-life use cases. In that regard, cryptocurrencies can not only serve as an investment asset but can also be used to pay for products and services, states Ngan.
Interestingly enough, the CEO declared that the company will integrate future cryptocurrencies such as Libra, which is done in an effort to improve the adoption rate and liquidity of the crypto sector.
Crypto as a way to help developing countries
Alchemy believes that their most important goal is to support countries in the area of payment services by granting them the ability to adopt digital assets, which can help with their economic and social development as well. Besides payments, cryptocurrencies can also be used to improve the monetary and financial systems of a number of nations. By adopting the disruptive technology, industries and financial services can be rebuilt on a national scale.
In the recent announcement concerning the introduction of the hybrid PoS system in Asia, Alchemy noted that ‘The financial revolution caused by cryptocurrency has opened many countries’ doors and accelerated the application deployment of cryptocurrency.’